Mumbai, Nov 11: With most Indian steel-makers looking to the Chinese Dragon for better opportunities, Shanghai Baosteel Engin-eering and Equipment Co Ltd (Baosteel) — China’s largest steel producer with an 18 million tonne capacity — is quietly doing the rounds of the Indian market. Baosteel, said sources, is in talks with both public sector steel companies, such as Bhilai Steel, and private players like Tata Iron and Steel Company Ltd (Tisco) and Ispat Industries Ltd (IIL) to seek out future prospects in India.
Baosteel general manager (senior engineer) Zhang Miao told FE that the company is exploring the possibilities of forming commercial arrangements with their Indian counterparts. It feels that even though technology is still lacking in certain areas, there is a good business opportunity within India. “Baosteel is interested in mutual trading exchanges with Indian steel companies,” he added.

The company is also open to joint ventures or alliances within the country and plans further investments in parts of the globe in the near future.

The company has had talks with Tata Steel and has expressed interest. The Chinese steel major is scheduled to meet Ispat brass before they leave for New Delhi.

A Tata Steel official confirmed that Baosteel had visited the Jamshedpur facility and had shown an interest, though nothing has been worked out so far.

Ispat’s director (finance) and secretary Anil Sureka said that this was only ‘a courtesy call’ but, as Baosteel also manufactures equipments, Ispat may explore the possibility if the opportunity arises.